Andy Burnham will call for a “culture shift” in how Britain does business as he meets top bosses from the likes of Aviva, Rolls Royce and Revolut UK on Monday.
The Prime Minister is set to pitch the government as a partner for growth to executives at a reception at Downing Street today. Burnham is expected to tell his guestlist that the government’s plans for devolution will enable infrastructure to be built faster, attract greater investment and create more opportunities in communities across Britain.
Speaking ahead of the event, Prime Minister Andy Burnham said: “If we’re going to unlock this country’s full potential, we need a culture shift in how Britain does business.
“That means putting government firmly on the side of the people who take risks, start companies, create jobs and bring new ideas to life. It means ensuring ambition is rewarded, making it easier to start and grow a business, and giving people the confidence that if they have a great idea, they’ll get all the support they need to bring it to life.”
Businesses on alert ahead of Budget
The meeting will follow scores of industries pressing the government to slash taxes and ease the cost of doing business as the Chancellor John Healey begins drawing up the Autumn Budget, set to be delivered on 28 October.
Some economists have forecast the £22bn in fiscal headroom left by former Chancellor Rachel Reeves in her 2025 Budget could be as much as halved after gilt yields spiked in a recent bond sell-off.
Analysts have warned Healey has little room for further borrowing and will be forced to hike taxes in order to stay within the fiscal rules, which state that day-to-day spending must match receipts by 2030.
The bosses of Britain’s largest industry groups kicked off their campaigns ahead of the Budget last week with calls to reduce the costs and get Britain growing.
A number of revenue-raising measures have been rumoured as under contention from Healey, including taxes on banks, a hike to capital gains and the introduction of a controversial exit tax.
Ahead of the main reception, Burnham will also host a roundtable with many of the country’s leading entrepreneurs including Octopus Energy, Oxford Quantum Circuits, and Oaknorth.
Founders have been among the most vocal with criticism regarding a new exit levy, which would be levied on business owners if they leave the country. Several executives previously told City AM speculation was already causing some founders to consider moving overseas.